DURBAN- The sod turning ceremony was held today along Durban beachfront to mark the opening of the R300 million Durban promenade extension project.
The Durban promenade extension, which is expected to be completed by June 2019, is a catalyst to the Durban Point Waterfront Development.
The Mayor of Durban, Zandile Gumede, along with the Deputy Mayor Fawzia Peer and the Durban City Manager Sipho Nzuza turned the sod at the ceremony.
Durban Point Waterfront Development is a joint venture with a Malaysian company called the Durban Point Development Company.
The DPDC will be responsible for the building of the residential flats for the Durban Point Waterfront Development.
This project will involve various developments including a mall, residential complex and even a hotel.
The project will be undertaken in three phases over the next five to ten years.
The sod turning ceremony marked the official opening of the promenade extension that will be completed in June next year and cost R300 million.
Mayor of Durban Zandile Gumede said that they were looking for other foreign direct investors to invest in the project. Gumede said, "We are looking for investors to build the mall and the hotel part of the project".
The project is broken up into six precincts:
Precinct 1: This precinct will mainly be residential with a portion of it being used for retail.
Precinct 2: This precinct is located close to the uShaka Marine Theme Park. The concept is to link the new residential, hotel and retail development with the uShaka retail.
Precinct 3: This plot has a lot of historical buildings that were warehouses used in harbour activity. The will potentially be bought off and redeveloped into a variety of hotel, retail and commercial developments.
Precinct 4: The part is situated at the Harbour Entrance channel and offers wonderful views of the ships moving in and out of the harbour. This precinct will also be developed due to its unique location and link to the promenade.
Precinct 5: These sites will offer immediate beach access and views across the harbour. The will be a new loop-road system to help with traffic movement and opportunities to open up restaurants and tourist related activities along the boulevard and promenade.
Precinct 6: The focus is to have a high-tech commerce and business centre that is integrated with the Public transport node and parking facilities.
According to Mayor, the project will create an estimated 11000 jobs during construction phase per year as well as estimated 6750 permanent jobs.
She said that there will be a focus on creating job opportunities for women, the youth and the disabled.
The property value of the existing properties in the area will increase by at least 10% and the CBD property values are expected to increase by 5%.
The Durban promenade extension project will also upon completion generate a rates revenue of over R200 million as well as generate billions of rands in GDP contribution according to Gumede.
- BUSINESS REPORT ONLINE